Elon Musk’s Net Worth Soars to $1.1 Trillion as SpaceX Goes Public
Elon Musk is now the world’s first trillionaire, after his company SpaceX went public on Friday morning.
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The 54-year-old businessman and investor founded SpaceX, a space exploration company, in 2002. SpaceX’s initial public offering was officially priced on Thursday at a valuation of $1.77 trillion, making it the highest-valued IPO in history.
Forbes estimates that Musk’s net worth now hovers around $1.1 trillion, thanks to his 38 percent stake in the company.
“It is certainly hard to believe that a little company that was started in a warehouse in El Segundo [California] is now going public with the largest IPO ever,” Musk said in the livestream of NASDAQ’s opening bell.
Still, some critics took a skeptical view of the IPO’s price, including financial services firm Morningstar, which argued yesterday that the IPO is overvalued due to the company’s technology and capital needs.
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Musk, for his part, emphasized the need for civilization to become “multi-planetary” and said he hopes to turn science fiction into reality with SpaceX.
SpaceX’s original goal was a self-sustaining Martian colony, though Musk cited hopes of space travel beyond the solar system in the livestream. Recently, SpaceX has also made moves toward building a semiconductor plant with Tesla — the electric car maker that Musk also leads — and has acquired xAI, Musk’s AI company.
Musk, the world’s richest man, has also cofounded several other enterprises, including Neuralink and Zip2.
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